PetSmart revenue gains but profit flat

WilliamSpain

CHICAGO (MarketWatch) - PetSmart said late Wednesday that third quarter profit was little changed from last year, though revenue rose almost 10 percent on the increased sales of pet services.

PetSmart
PETM
said it earned $31.1 million, or 21 cents a share in the third quarter - flat with restated results from a year ago. Adjusted to exclude a tax benefit, the retailer earned 19 cents a share - in-line with average estimate of analysts polled by Thomson First Call.

Revenue came in at $907.7 million, up 9.8% while same-store sales grew 2.4%. Pet services sales climbed nearly 24%, the company said.

The company said that it expects same-store sales gains of 2% to 4% in the fourth quarter, with coming in at 44 cents to 47 cents a share - also on par with Wall Street expectations.

"After some softness throughout much of the quarter, we've seen our business begin to stabilize and gain momentum in October," said CEO Phil Francis in the earnings report.

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